Life in a shutdown: How New York’s IPO bankers are learning to love limbo

This is an extended version of a story originally published on January 24.

These are quiet times at the US Securities and Exchange Commission. Since the shutdown of the country’s government began on December 22, the SEC, like other government agencies, has been operating on a skeleton staff. Of its roughly 4,400 employees, probably not more than about 300 – most of whom are in critical law enforcement or protection roles – are working.

Contrary to what you might imagine, shutdown is a remarkably quick process at the SEC.